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Mistakes one must avoid while filing Income Tax Returns


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Apr 25, 2021

By : Bajaj Allianz Life

If you’re earning an income of more than Rs. 2.5 lakhs a year, you’re mandatorily required to file an income tax return (ITR) every year on or before the 31st of July. And since it is basically a record of the income that you earned during a year, you need to exercise maximum caution while filing your income tax returns.

Every year, many individuals make mistakes while filing their ITR landing them in unnecessary trouble. You wouldn’t want any of that to happen to you now, would you? Therefore, in the interest of your well-being, we’re going to be taking a look at a few commonly made mistakes that you should avoid while filing your tax returns.

 

Mistakes one must avoid while filing ITR

 

Here we have 5 of the most commonly made mistakes that happen during the time of filing.

 

1. Using the wrong form

 

This is a very common mistake that many individuals who file income tax returns make. The Income Tax Department has notified as many as 7 different ITR forms, ranging from ITR-1 to ITR-7. Depending on your income source and level, the ITR that you’re required to file would change. Let’s take a quick look at the different ITRs applicable to individuals and who should file them.

ITR Form

Who should file them

ITR-1

Individuals having income up to Rs. 50 lakhs arising from salaries, house property, or other sources

ITR-2

Individuals having income above Rs. 50 lakhs arising from any source except business or profession

ITR-3

Individuals deriving income from business or profession

ITR-4

Individuals who opt for the presumptive taxation scheme under the Income Tax Act, 1961

 

2. Failing to disclose all sources of income

 

Again, this is another major mistake that individuals tend to make when filing for income tax returns. Not disclosing your income sources when filing can have tremendous and dangerous repercussions. You could either be penalized or legally prosecuted for doing that, even if the nondisclosure was unintentional. Therefore, when you file for income tax, make sure that you include all your income sources including any interest income that you may have earned from your bank deposits. The same should be verified/matched with the details available under Annual Information Statement (AIS) which is available online on the respective person’s account (logged in with corresponding PAN) on the Income tax portal.

 

3. Incorrect or incomplete bank account details

 

The taxes that you’ve paid in a year, through TDS and advance tax payments, may sometimes be more than what you’re actually required to pay. In such cases, you can actually get a refund of the excess taxes that you’ve paid to the tax department by filing ITR within the due date.

To get a refund of the excess taxes paid, you’re required to specify your bank account details in the income tax return. Making a mistake while entering the details can either stall or delay the refund. And so, this is something that you should be mindful of while filing your ITR, especially if you have a tax refund due.

 

4. Missing the due date for filing returns

 

Many individuals tend to procrastinate when it comes to filing their ITRs. Too much procrastination can lead to you missing the due dates for filing. And filing your ITR after the due date will attract a penalty of Rs. 1,000 if your total income is Rs. 5 lakhs or less and Rs. 5,000 if your total income is more than Rs. 5 lakhs. So, just to be safe, always make sure that you file your returns at least a month before the due date.

 

5. Forgetting to verify your ITR

 

Successfully uploading your income tax return is far from the last step. For your ITR to actually be considered as filed by the Income Tax Department, one must verify the uploaded return. You can do the verification electronically through Aadhaar OTP or through an Electronic Verification Code (EVC). Therefore, the next time you upload your income tax return, ensure that you verify it immediately using any one of the above methods.

 

Conclusion

 

Now that you’re aware of the most commonly made mistakes, make sure that you don’t commit any of them. Also, remember to file your income tax return as early as possible. Taking it too close to the due date is dangerous and may lead to you missing the filing date altogether.

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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale. Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.